Tata AIG General Insurance Company Ltd
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Tata Motors, Ceat and Paytm have teamed up to offer loyalty benefits for Tata Motors loyalty programmes Tata Delight and Tata Emperor, a joint press release said on Thursday. Members will reap benefits across product segments like heavy commercial vehicles, medium commercial vehicles, intermediate commercial vehicles, light commercial vehicles and small commercial vehicles. Every Ceat tyre purchase and transaction on Paytm will earn redeemable points for members. "Both CEAT and Paytm are known to set high standards of customer satisfaction and as a team, we hope to exceed all the expectations of our customer," said R. Ramakrishnan, senior vice president, Commercial-CVBU, Tata Motors. Source: IANS
Tata AIG General Insurance Company Ltd- OverviewTata AIG General Insurance Company Ltd is also referred to as Tata AIG General. It is a joint venture of the Tata Group and the American International Group. The company is a combination of the leadership status enjoyed by Tata Group in India and AIG’s global standing as a top provider of financial and insurance services.
The organization caters to both institutional and individual clients offering a diverse range of general insurance solutions such as the following:
- Personal accident
- Specialized financial products
The products and services of Tata AIG General are available through the following channels:
- Direct channels such as telemarketing, worksite, and digital marketing
Following are some of the awards recently won by Tata AIG:
- Best Non-Urban Coverage Award 2012 at Indian Insurance Awards 2012
- 5th position in Business Today Survey
- Claims Service Company of the Year Award 2012 at Indian Insurance Awards 2012
Tata AIG General Insurance Financial DetailsThe following table shows the profit and loss details of the insurer for the first quarter of 2012-13:
|Domain||Figures in INR thousands|
|Operating profit/(loss) from fire insurance||159,312|
|Operating profit/(loss) from marine insurance||69,066|
|Operating profit/(loss) from miscellaneous insurance||57,714|
|Income from interest, rent, and dividend – gross||122,226|
|Profit accrued from selling investments||6,216|
|Income from claims service fees||1,254|
|Profit/(loss) before tax||401,262|
|Profit/(loss) after tax||267,884|
|Balance taken forward to balance sheet||244,095|
Tata AIG General Insurance Products and ServicesTata AIG enjoys a pan Indian presence with its head offices in Mumbai and its management team is headed by Gaurav D Garg who acts as the MD and CEO.The products and services of Tata AIG may be enumerated as below:
- Motor Insurance – Private Car Insurance, Commercial Vehicle Insurance, and Two Wheeler Insurance
- Travel Insurance – Overseas Travel Insurance, Student Travel Insurance, and Domestic Travel Insurance
- Health and Accident Insurance – MediPrime, Secured Income Plan, Wellsurance Executive, Secured Future Plan, Wellsurance Family, Maharaksha Personal Injury Plan, Wellsurance Woman, Individual Accident & Sickness Hospital Cash, Accident Guard, Criticare – Critical Illness Cover, and Income Guard
- Home Insurance – Insta choice, Home Coupon, Home Secure Supreme, and India Fire – Fire & Special Perils
- Lifestyle Insurance – Personal Identity Protection (Identity Theft Cover, ATM Assault and Robbery, Fraudulent Charges Cover, and Lost Wallet), Product Protection (Price Protection Cover, Key Replacement Cover, and Purchase Protection Cover), and Personal Travel Protection (Home Protection While You Are Away Cover, Tata AIG Personal Trip Liability, and Personal Trip Effects Cover)
- Office Insurance
- Educational Institutes Insurance
- Shop Insurance
- Hotel and Restaurant Insurance
- Housing Society Insurance
- Motor Insurance – Tata AIG Corporate Fleet Program
- Health & Accident Insurance – Group Multi Guard and Group Personal Accident
- Travel Insurance – Small Business Travel Accident and Business Travel Accident
- Fire and Engineering Insurance – Standard Fire and Special Perils Policy, Boiler and Machinery, Contractors All Risks/Erections All Risk Insurance, Consequential Loss (Fire), and Industrial All Risks Insurance
- Marine Cargo - Marine Insurance Open Policy, Marine Insurance Sales Turnover Policy, Marine Insurance Specific Policy, Innovative Marine Solutions (Multinational Cargo Transport Program, Marine Loss Control, and eMarine)
- Financial Lines - Directors and Officers Liability Insurance (D&O), Public Offering of Securities Insurance (POSI), Professional Indemnity Errors and Omissions Insurance (PI/E&O), and Crime/Fidelity Insurance
- Casualty - Public General Liability, Contaminated Product Insurance, Product Liability, Kidnap and Ransom Extortion Insurance, Commercial General Liability, Pollution Legal Liability, Workmen’s Compensation Policy, Product Recall, and Excess/ Umbrella Liability Policy
- Motor Insurance
- Livestock (Cattle) Insurance
- Property Insurance
- Health and Accident Insurance
Private Clients Group
- Motor Insurance
- Fine Art and Valuables Insurance
- Home and Contents Insurance
Tata AIG General Insurance NewsTata AIG has won a place among the finalists for Asia Insurance Awards as stated in the list declared on August 29, 2012. This is the 16th edition of the Asia Insurance Industry Awards – the event has 13 categories for which 800 entries had been sent.
Tata AIG is one of the 3 finalists in the General Insurance Company of the Year award. Gaurav D Garg has also been shortlisted among the 4 individuals in the Personality of the Year category.
This signals a renewal in the dominance enjoyed by the organization in the market for general insurance – the insurer is also known for its high levels of expertise and top class leadership that are made available to its customers and clients.
The organization has also been elected for improving its customer service quality as well as product range for the Asian market. In the previous year the organization’s consumer and commercial products have shown a commendable rate of growth. This has led to the recognition provide to the company in India and abroad in recent times.
Tata AIG is one of the insurers that will now be providing hospitalization cover for separate treatments. Others in the group are New India Assurance, National Insurance, United India, HDFC Ergo General, Oriental Insurance, and Cholamandalam General Insurance.
This will be a major benefit for families and people who have been treating their near and dear ones or getting treated themselves for critical diseases but were receiving no coverage for the same from their insurers. The main reason for this predicament was that their condition did not call for any hospitalization.
It is expected that in the near future the health insurance plans will also be covering dental care and outpatient expenses. This inclusion signals that soon enough hospitalization shall not be a critical criterion in seeking benefits from the insurers.
Under normal circumstances the insurers provide treatment coverage if the patient is in the hospital for more than 24 hours. However, certain insurers such as Max Bupa and Bajaj Allianz General Insurance are looking to provide such services following government directives to the effect.
Sources within these companies have informed the media that they will be bringing out comprehensive policies with OPD care by 2012 end. Normally, not many Indian insurers provide such facilities and even ones that do, charge additional premium.
Several non life insurers will also be launching retail health insurance policies with OPD coverage while ones that already do will be adding to their present levels of coverage.
New India Assurance and ICICI Lombard General Insurance are among the forerunners in the above mentioned group and have filed for IRDA’s approval on new products with OPD benefits.
Tata AIG General Insurance Contact Details
Following are the contact details of the registered office of Tata AIG:
9th Floor, Piramal Towers
Peninsula Corporate Park
Ganpatrao Kadam Marg, Lower Parel
Mumbai - 400 013
24X7 Toll Free Helpline: 1800-266-7780
E-mail address for customers: firstname.lastname@example.org
Last Updated on 07th September 2012
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